Coinbase put three new assets on its listing roadmap: PENGU, POPCAT, and MORPHO. This announcement only caused momentary price gains for all three tokens, possibly suggesting that the market is less interested.
The two meme coins have both endured recent volatility, but MORPHO currently has substantial momentum. Nonetheless, this pattern repeated across all three listings.
Is Coinbase’s Roadmap Losing Relevance?
Coinbase, one of the world’s leading crypto exchanges, just added three new assets to its listing roadmap: PENGU, POPCAT, and MORPHO.
Typically, these additions cause huge spikes in an asset’s price, but that has not happened today. All three of these coins experienced a brief price jump, but these gains quickly evaporated.
It’s presently unclear why these gains have proved so ephemeral. Two of the new assets on Coinbase’s roadmap, POPCAT and PENGU, are noteworthy meme coins. Both, however, have seen recent price troubles.
PENGU, for one, reached its lowest price in late January and shows little signs of recovery. POPCAT’s decline was in December, but it has also remained low.
MORPHO, on the other hand, stands out from the other offerings on Coinbase’s roadmap. It’s not a meme coin but a legitimate DeFi project creating infrastructure for on-chain lows.
It was a high performer in January and even entered a partnership with Coinbase. That may explain why it’s on the roadmap but not why it has also underperformed.
Perhaps it’s too early to determine what impact a future listing will have on these assets. At the time of writing, Coinbase put them on its roadmap only a few hours ago, and more dramatic changes may happen throughout the week.
However, the meme coin space is extremely fast-paced, making this seem unlikely. Instead, another explanation is possible.
The last two additions to Coinbase’s roadmap before this bear remarkable similarities. When it listed MOG in December, the asset’s price continued to struggle.
Last month, when it listed TOSHI, the immediate price spike was quickly slashed by new profit-taking. The asset still grew that day, but these gains proved ephemeral.
MORPHO’s inclusion also proves that these trends are not related to recent market performance. Perhaps these Coinbase announcements are losing their ability to move traders.
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